2011 Standard Mileage Rate Changes
Jul 3, 2011 Business Expenses, Tax Changes, Tax Strategies
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2011 Standard Mileage Rate
The Internal Revenue Service (IRS) has increased the optional standard mileage rates for 2011. These optional rates can be used to calculate deductible costs of operating an automobile for either business or other uses instead of reporting actual travel-related costs. Charitable mileage rates remain at the current 14 cents a mile in 2011. The table below summarizes the increases for this year.
| IRS Standard Mileage Rates in 2011 | |||
|---|---|---|---|
| Jan 1 - June 30 | July 1 - Dec 31 | ||
| Business | 51 cents | 55.5 cents | |
| Medical/Moving | 19 cents | 23.5 cents | |
Tags: 2011 standard mileage rate, business mileage rate, charitable mileage rate, Medical/moving mileage rate
What is the Schedule C-EZ
Jun 30, 2011 Bookkeeping, Business Expenses, Cash Management, Self Employment Tax, Tax Management, Taxable Income
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1040 Schedule C-EZ calculates your net profit.
In order to understand what the Schedule C-EZ is, you need to understand the format of the related IRS Form 1040 Schedule C. Are you self-employed or a sole proprietor of a small business? When you file your income tax return, you use the longer Schedule C to report your business income or loss on your personal (rather than corporate) income tax return. Your net business profits, calculated on either schedule, are summarized on the top page of your IRS 1040, US Individual Income Tax Return. You can also use either Schedule C to report wages or expenses you accumulate during a tax year if you are a statutory employee, are involved in qualified joint ventures, or have income that is reported on an IRS Form 1099-MISC, Miscellaneous Income. You need to complete either Schedule C in order to calculate self-employment tax.
